Housing NOW Greater Sudbury CMA

Transcription

1 Housing Market nformation Housing NOW Greater Sudbury CMA Canada Mortgage and Housing Corporation Date Released: Second Quarter 2009 New Home Market Sudbury Starts Slow Residential construction in the City of Greater Sudbury got off to a slow start in Total housing starts are half of what they were in year-overyear percentage terms at the end of the first quarter. Greater Sudbury single-detached housing starts decreased to two units in March, down from five last year. There were four additional row housing starts in the month which brought the monthly total to six units, down from seven for March For the quarter the eight singles starts recorded were well behind the five-year first quarter average of 21 units. n general new housing demand is lower due to high paying jobs in the mining sector trending lower. n Table of Contents 1 New Home Market Sudbury Starts Slow 2 Resale Market Sudbury Resale Market Favours Buyers 3 Local Economy Sudbury Employment Growth Slowing Figure 1 Sudbury Quarterly Single-Detached Housing Starts Single-Detached Homes Decline Maps 8 Tables subscribe NOW! Access CMHC s Market Analysis Centre publications quickly and conveniently on the Order Desk at View print, download or subscribe to get market information ed to you on the day it is released. New! CMHC s electronic suite of national standardized products is now available for free. Source: CMHC

2 addition, tight resale supply had been a factor increasing new home market demand but now, more selection for buyers in the resale market has diminished the need to look at new construction options. Finally, rapidly rising home prices in Sudbury have curbed demand as well and even with home prices cooling of late, the level of prices may still be problematic for many would-be home purchasers. n North Bay, one single-detached home commenced in the first quarter, down from two last year. Elsewhere, Sault Ste. Marie s nine singledetached home starts were triple that of the first quarter in Finally, no Timmins starts were recorded this year or last in the first quarter. Elsewhere in Northeastern Ontario, only West Nipissing has seen activity in the first quarter with there being six singles starts counted thus far. (See Table 1.1) Despite the fact that vacancy rates are generally low in the four centres of interest in Northeastern Ontario, apartment starts thus far in 2009 have been weak in Sudbury, North Bay, Timmins and Sault Ste. Marie. Table 4.1 presents average prices of completed and occupied new residential construction in our markets over 50,000 inhabitants, Greater Sudbury, Sault Ste. Marie and North Bay. Monthly average absorbed prices are up in two of the three markets with North Bay s average quarterly absorbed price slipping compared last year s first quarter. Despite North Bay s average absorbed prices slipping, the volume of absorptions for the quarter actually grew compared to last year s first quarter. Average prices for absorbed new single-detached units in each of Sudbury, Sault Ste. Marie, and North Bay continue to be over $250,000. The first quarter average absorbed price in Sudbury was highest of the three Northeastern Ontario centres tracked, sitting at $388,000. Resale Market Sudbury Resale Market Favours Buyers The Sudbury resale market slowed for the seventh consecutive quarter when compared to year earlier figures. For the first time in approximately eight years average prices are now retreating by 7.3 per cent in the first quarter compared to one year ago. Despite this recent decline, the doubling of house prices between 1999 and 2008 and its effect on average carrying costs appears to have dampened demand. Price appreciation accumulated over the Figure 2 Sudbury Avg. MLS Price ($000s) Sudbury Prices Have Crested years and the economic slowdown have softened the market greatly. Sales ended the quarter off 43 per cent after a similar 33 per cent drop from last year s fourth quarter. New listings climbed, growing 10 per cent in the first three months of the year alone. Listings at the end of last year were up 28.1 per cent from Consequently, Sudbury has gone from a seller s market to a buyer s market in a relatively short period of time. Besides Sudbury, other Northeastern Ontario regions have been experiencing slowing resale market demand. The Real Estate Boards in North Bay, Sault Ste. Marie and Timmins all experienced sales volumes declines in the first quarter of 20 to 25 per cent. While Sudbury and Timmins prices were off in the first quarter, Sault Ste. Marie and North Bay Board territories still experienced average price gains compared to the same period last year. (see Table 5a-d) (p) 2009(p) (p) Price data Jan 1-March 31 Source: Sudbury Real Estate Board Canada Mortgage and Housing Corporation 2

3 Figure 3 Jobs Growth Levelling Off in Sudbury Local Economy Employment S.A. (000s) to March 2009 Source: Statistics Canada Labour Force Survey Figure 4 Employment ndex (1996=100) Sudbury Employment Growth Weakest in Lowest and Upper Age Ranges Source: Statistics Canada Figure 5 Emplyment ndex, 1996= Source: Statistics Canada Sudbury Goods Producing Job Growth Slipping Goods Producing Services Producing Sudbury Employment Growth Slowing The mining and mining supply sector, in particular for nickel, is facing extreme challenges from the economic slowdown gripping the world. Despite the backdrop of decelerating mining activity, employment in Greater Sudbury grew in the first quarter. The first three months of 2009 witnessed an increase of 800 persons employed or 0.9 per cent when compared the first quarter of 2008, representing an all-time first quarter high for the city. Although base metal prices have fallen dramatically, gold prices have maintained a healthy level and thus, gold exploration and mining activity is not being unduly affected and has supported employment somewhat. Nevertheless, employment growth has slowed in each of the last four months. Employment levels in March, for instance, were only 0.1 per cent higher than March, The services sector has seen job growth flatten out of late at the same time as the goods producing sector has gone negative compared to last year. Employment has been primarily stable in the age group while the most volatility has occurred in the and the15-24 age group. Migration to the city due to job prospects has been an important factor explaining housing market expansion in recent years. Employment growth in the age group is a key stimulus for housing demand as households in this age bracket tend to be most active in house buying activity. Canada Mortgage and Housing Corporation 3

4 Elsewhere in the Sudbury economy, the Regional Hospital construction project continues as does work on Laurentian University s Centre for Excellence in Mining nnovation (CEM) and the possibility of a new school of architecture. Canada Mortgage and Housing Corporation 4

5 Greater Sudbury CMA Total Number of Starts N Capreol Valley East Onaping Falls Rayside Balfour Nickel Centre Walden HGHWAY 17 Sudbury Km HGHWAY 637 Legend No starts 1-3 starts 4-5 starts 6-7 starts Not surveyed Canada Mortgage and Housing Corporation 5

6 Greater Sudbury CMA Number of Starts (Singles) N Capreol Valley East Onaping Falls Rayside Balfour Nickel Centre Walden HGHWAY 17 Sudbury Km HGHWAY 637 Legend No starts 1 start 2 starts 3 starts Not surveyed Canada Mortgage and Housing Corporation 6

7 Greater Sudbury CMA Number of Starts (Multiples) N Capreol Valley East Onaping Falls Rayside Balfour Nickel Centre Walden HGHWAY 17 Sudbury Km HGHWAY 637 Legend No starts 4 starts Not surveyed Canada Mortgage and Housing Corporation 7

8 HOUSNG NOW REPORT TABLES Available in ALL reports: 1 Housing Activity Summary of CMA 2 Starts by Submarket and by Dwelling Type Current Month or Quarter 2.1 Starts by Submarket and by Dwelling Type Year-to-Date 3 Completions by Submarket and by Dwelling Type Current Month or Quarter 3.1 Completions by Submarket and by Dwelling Type Year-to-Date 4 Absorbed Single-Detached Units by Price Range 5 MLS Residential Activity 6 Economic ndicators Available in SELECTED Reports: 1.1 Housing Activity Summary by Submarket 1.2 History of Housing Activity (once a year) 2.2 Starts by Submarket, by Dwelling Type and by ntended Market Current Month or Quarter 2.3 Starts by Submarket, by Dwelling Type and by ntended Market Year-to-Date 2.4 Starts by Submarket and by ntended Market Current Month or Quarter 2.5 Starts by Submarket and by ntended Market Year-to-Date 3.2 Completions by Submarket, by Dwelling Type and by ntended Market Current Month or Quarter 3.3 Completions by Submarket, by Dwelling Type and by ntended Market Year-to-Date 3.4 Completions by Submarket and by ntended Market Current Month or Quarter 3.5 Completions by Submarket and by ntended Market Year-to-Date 4.1 Average Price ($) of Absorbed Single-Detached Units SYMBOLS n/a Not applicable * Totals may not add up due to co-operatives and unknown market types ** Percent change > 200% - Nil -- Amount too small to be expressed SA Monthly figures are adjusted to remove normal seasonal variation Canada Mortgage and Housing Corporation 8

9 Table 1: Housing Activity Summary of Greater Sudbury CMA Single Freehold Semi Row, Apt. & Other Ownership Single Condominium Row and Semi Apt. & Other Single, Semi, and Row Apt. & Other STARTS Q Q % Change n/a n/a n/a n/a n/a Year-to-date Year-to-date % Change n/a n/a n/a n/a n/a UNDER CONSTRUCTON Q Q % Change n/a n/a n/a n/a COMPLETONS Q Q % Change n/a n/a n/a n/a Year-to-date Year-to-date % Change n/a n/a n/a n/a COMPLETED & NOT ABSORBED Q Q % Change n/a n/a n/a n/a n/a n/a 73.7 ABSORBED Q Q % Change n/a n/a n/a n/a Year-to-date Year-to-date % Change n/a n/a n/a n/a Rental Total* Source: CM HC (Starts and Completions Survey, M arket Absorption Survey) Canada Mortgage and Housing Corporation 9

10 Table 1.1: Housing Activity Summary by Submarket Single Freehold Semi Row, Apt. & Other Ownership Single Condominium Row and Semi Apt. & Other Single, Semi, and Row Apt. & Other STARTS Greater Sudbury CMA Q Q North Bay Q Q Sault Ste. Marie Q Q Timmins Q Q Elliot Lake Q Q Temiskaming Shores Q Q West Nipissing Q Q UNDER CONSTRUCTON Greater Sudbury CMA Q Q North Bay Q Q Sault Ste. Marie Q Q Timmins Q Q Elliot Lake Q Q Temiskaming Shores Q Q West Nipissing Q Q Rental Total* Source: CM HC (Starts and Completions Survey, Market Absorption Survey) Canada Mortgage and Housing Corporation 10

11 Table 1.1: Housing Activity Summary by Submarket Single Freehold Semi Row, Apt. & Other Ownership Single Condominium Row and Semi Apt. & Other Single, Semi, and Row Apt. & Other COMPLETONS Greater Sudbury CMA Q Q North Bay Q Q Sault Ste. Marie Q Q Timmins Q Q Elliot Lake Q Q Temiskaming Shores Q Q West Nipissing Q Q COMPLETED & NOT ABSORBED Greater Sudbury CMA Q Q North Bay Q Q Sault Ste. Marie Q Q Timmins Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Elliot Lake Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Temiskaming Shores Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Q n/a n/a n/a n/a n/a n/a n/a n/a n/a West Nipissing Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Rental Total* Source: CM HC (Starts and Completions Survey, M arket Absorption Survey) Canada Mortgage and Housing Corporation 11

12 Table 1.1: Housing Activity Summary by Submarket Ownership Single Freehold Semi Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row Apt. & Other ABSORBED Greater Sudbury CMA Q Q North Bay Q Q Sault Ste. Marie Q Q Timmins Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Elliot Lake Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Temiskaming Shores Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Q n/a n/a n/a n/a n/a n/a n/a n/a n/a West Nipissing Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Q n/a n/a n/a n/a n/a n/a n/a n/a n/a Rental Total* Source: CM HC (Starts and Completions Survey, M arket Absorption Survey) Canada Mortgage and Housing Corporation 12

13 Single Table 1.2: History of Housing Starts Greater Sudbury CMA Ownership Freehold Semi Row, Apt. & Other Single Condominium Row and Semi Apt. & Other Single, Semi, and Row Apt. & Other % Change n/a n/a n/a % Change n/a n/a n/a n/a n/a % Change n/a n/a n/a n/a n/a % Change n/a n/a n/a n/a n/a % Change n/a n/a n/a n/a n/a n/a % Change 1.4 ** n/a n/a n/a n/a n/a % Change 52.9 n/a n/a n/a n/a n/a n/a n/a % Change n/a n/a n/a n/a n/a n/a % Change 29.0 n/a n/a n/a n/a n/a n/a Rental Total* Source: CMHC (Starts and Completions Survey) Canada Mortgage and Housing Corporation 13

14 Table 2: Starts by Submarket and by Dwelling Type Single Semi Row Apt. & Other Total Submarket % Q Q Q Q Q Q Q Q Q Q Change Greater Sudbury CMA Capreol Town n/a Nickel Centre Town Onaping Falls Town n/a Rayside-Balfour Town Sudbury City Valley East Town Walden Town n/a North Bay Sault Ste. Marie Timmins n/a Elliot Lake Temiskaming Shores n/a West Nipissing ** Source: CMHC (Starts and Completions Survey) Canada Mortgage and Housing Corporation 14

15 Submarket Table 2.2: Starts by Submarket, by Dwelling Type and by ntended Market Freehold and Condominium Row Apt. & Other Q Q Q Q Q Q Q Q Greater Sudbury CMA Capreol Town Nickel Centre Town Onaping Falls Town Rayside-Balfour Town Sudbury City Valley East Town Walden Town North Bay Sault Ste. Marie Timmins Elliot Lake Temiskaming Shores West Nipissing Rental Freehold and Condominium Rental Source: CMHC (Starts and Completions Survey) Canada Mortgage and Housing Corporation 15

16 Table 2.4: Starts by Submarket and by ntended Market Freehold Condominium Rental Total* Submarket Q Q Q Q Q Q Q Q Greater Sudbury CMA Capreol Town Nickel Centre Town Onaping Falls Town Rayside-Balfour Town Sudbury City Valley East Town Walden Town North Bay Sault Ste. Marie Timmins Elliot Lake Temiskaming Shores West Nipissing Source: CMHC (Starts and Completions Survey) Canada Mortgage and Housing Corporation 16

17 Table 3: Completions by Submarket and by Dwelling Type Single Semi Row Apt. & Other Total Submarket % Q Q Q Q Q Q Q Q Q Q Change Greater Sudbury CMA Capreol Town n/a Nickel Centre Town Onaping Falls Town Rayside-Balfour Town Sudbury City Valley East Town Walden Town North Bay Sault Ste. Marie Timmins Elliot Lake Temiskaming Shores West Nipissing Source: CMHC (Starts and Completions Survey) Canada Mortgage and Housing Corporation 17

18 Table 3.2: Completions by Submarket, by Dwelling Type and by ntended Market Submarket Freehold and Condominium Row Apt. & Other Q Q Q Q Q Q Q Q Greater Sudbury CMA Capreol Town Nickel Centre Town Onaping Falls Town Rayside-Balfour Town Sudbury City Valley East Town Walden Town North Bay Sault Ste. Marie Timmins Elliot Lake Temiskaming Shores West Nipissing Rental Freehold and Condominium Rental Source: CMHC (Starts and Completions Survey) Canada Mortgage and Housing Corporation 18

19 Table 3.4: Completions by Submarket and by ntended Market Freehold Condominium Rental Total* Submarket Q Q Q Q Q Q Q Q Greater Sudbury CMA Capreol Town Nickel Centre Town Onaping Falls Town Rayside-Balfour Town Sudbury City Valley East Town Walden Town North Bay Sault Ste. Marie Timmins Elliot Lake Temiskaming Shores West Nipissing Source: CMHC (Starts and Completions Survey) Canada Mortgage and Housing Corporation 19

20 Submarket Table 4: Absorbed Single-Detached Units by Price Range Price Ranges < $200,000 Units Share (%) $200,000 - $249,999 Share Units (%) $250,000 - $299,999 Share Units (%) $300,000 - $349,999 Share Units (%) $350,000 + Median Average Total Price ($) Price ($) Share Units (%) Greater Sudbury CMA Q , ,590 Q , ,284 Year-to-date , ,590 Year-to-date , ,284 North Bay Q , ,586 Q , ,163 Year-to-date , ,586 Year-to-date , ,163 Sault Ste. Marie Q , ,082 Q , ,363 Year-to-date , ,082 Year-to-date , ,363 Source: CM HC (M arket Absorption Survey) Table 4.1: Average Price ($) of Absorbed Single-detached Units Submarket Q Q % Change YTD 2009 YTD 2008 % Change Greater Sudbury CMA 387, , , , North Bay 311, , , , Sault Ste. Marie 281, , , , Source: CM HC (M arket Absorption Survey) Canada Mortgage and Housing Corporation 20

21 Table 5a: MLS Residential Activity for Greater Sudbury Number of Sales Yr/Yr % Sales SA Number of New Listings New Listings SA Sales-to- New Listings SA Average Price ($) Yr/Yr % Average Price ($) SA 2008 January , ,691 February , ,014 March , ,409 April , ,822 May , ,743 June , ,379 July , ,801 August , ,755 September , ,548 October , ,491 November , ,375 December , , January , ,663 February , ,294 March , ,490 April May June July August September October November December Q , Q , YTD , YTD , MLS is a registered trademark of the Canadian Real Estate Association (CREA). Source: CREA (MLS ) Canada Mortgage and Housing Corporation 21

22 Table 5b: MLS Residential Activity for Sault Ste. Marie Number of Sales Yr/Yr % Sales SA Number of New Listings New Listings SA Sales-to- New Listings SA Average Price ($) Yr/Yr % Average Price ($) SA 2008 January , ,192 February , ,273 March , ,373 April , ,557 May , ,440 June , ,850 July , ,996 August , ,506 September , ,518 October , ,298 November , ,092 December , , January , ,353 February , ,005 March , ,013 April May June July August September October November December Q , Q , YTD , YTD , MLS is a registered trademark of the Canadian Real Estate Association (CREA). Source: CREA (M LS ) Canada Mortgage and Housing Corporation 22

23 Table 5c: MLS Residential Activity for North Bay Number of Sales Yr/Yr % Sales SA Number of New Listings New Listings SA Sales-to- New Listings SA Average Price ($) Yr/Yr % Average Price ($) SA 2008 January , ,887 February , ,635 March , ,453 April , ,431 May , ,663 June , ,679 July , ,963 August , ,962 September , ,904 October , ,877 November , ,835 December , , January , ,060 February , ,715 March , ,448 April May June July August September October November December Q , Q , YTD , YTD , MLS is a registered trademark of the Canadian Real Estate Association (CREA). Source: CREA (M LS ) Canada Mortgage and Housing Corporation 23

24 Table 5d: MLS Residential Activity for Timmins Number of Sales Yr/Yr % Sales SA Number of New Listings New Listings SA Sales-to- New Listings SA Average Price ($) Yr/Yr % Average Price ($) SA 2008 January , ,057 February , ,399 March , ,340 April , ,272 May , ,679 June , ,982 July , ,118 August , ,867 September , ,070 October , ,764 November , ,044 December , , January , ,183 February , ,708 March , ,295 April May June July August September October November December Q , Q , YTD , YTD , MLS is a registered trademark of the Canadian Real Estate Association (CREA). Source: CREA (M LS ) Canada Mortgage and Housing Corporation 24

25 Table 6: Economic ndicators nterest Rates NHP, Total Greater Sudbury Labour Market Thunder CP, 2002 Mortage Rates P & Bay/Greater =100 Average (%) Employment Unemployment Participation Per Sudbury (Ontario) Weekly 1 Yr. 5 Yr. SA (,000) Rate (%) SA Rate (%) SA $100, =100 Earnings ($) Term Term 2008 January February March April May June July August September October November December January February March April May June July August September October November December "P & " means Principal and nterest (assumes $100,000 mortgage amortized over 25 years using current 5 year interest rate) "NHP" means New Housing Price ndex "CP" means Consumer Price ndex "SA" means Seasonally Adjusted Source: CM HC, adapted from Statistics Canada (CANSM ), Statistics Canada (CANSM ) Canada Mortgage and Housing Corporation 25

26 Methodology Starts & Completions Survey Methodology The Starts and Completions Survey is conducted by way of site visits which are used to confirm that new units have reached set stages in the construction process. Since most municipalities in the country issue building permits, these are used as an indication of where construction is likely to take place. n areas where there are no permits, reliance has to be placed either on local sources or searching procedures. The Starts and Completions Survey is carried out monthly in urban areas with population in excess of 50,000, as defined by the 2006 Census. n urban areas with populations of 10,000 to 49,999, all Starts are enumerated in the last month of the quarter (i.e. four times a year, in March, June, September and December). n these centres with quarterly enumeration, Completion activity is modelled based on historical patterns. Monthly Starts and Completions activity in these quarterly locations are statistically estimated at a provincial level for single and multi categories. Centres with populations below 10,000 are enumerated on a sample basis, also in the last month of each quarter (i.e. four times a year, in March, June, September and December). The Starts and Completions Survey enumerates dwelling units in new structures only, designed for non-transient and year-round occupancy. Mobile homes are included in the surveys. A mobile home is a type of manufactured house that is completely assembled in a factory and then moved to a foundation before it is occupied. Trailers or any other movable dwelling (the larger often referred to as a mobile home) with no permanent foundation are excluded from the survey. Conversions and/or alterations within an existing structure are excluded from the surveys as are seasonal dwellings, such as: summer cottages, hunting and ski cabins, trailers and boat houses; and hostel accommodations, such as: hospitals, nursing homes, penal institutions, convents, monasteries, military and industrial camps, and collective types of accommodation such as: hotels, clubs, and lodging homes. Market Absorption Survey Methodology The Market Absorption Survey is carried out in conjunction with the Starts and Completions Survey in urban areas with populations in excess of 50,000. When a structure is recorded as completed, an update is also made as units are sold or rented. The dwellings are then enumerated each month until such time as full absorption occurs. STARTS AND COMPLETONS SURVEY AND MARKET ABSORPTON SURVEY DEFNTONS A dwelling unit, for purposes of the Starts and Completions Survey, is defined as a structurally separate set of self-contained living premises with a private entrance from outside the building or from a common hall, lobby, or stairway inside the building. Such an entrance must be one that can be used without passing through another separate dwelling unit. A start, for purposes of the Starts and Completions Survey, is defined as the beginning of construction work on a building, usually when the concrete has been poured for the whole of the footing around the structure, or an equivalent stage where a basement will not be part of the structure. The number of units under construction as at the end of the period shown, takes into account certain adjustments which are necessary for various reasons. For example, after a start on a dwelling has commenced construction may cease, or a structure, when completed, may contain more or fewer dwelling units than were reported at start. A completion, for purposes of the Starts and Completions Survey, is defined as the stage at which all the proposed construction work on a dwelling unit has been performed, although under some circumstances a dwelling may be counted as completed where up to 10 per cent of the proposed work remains to be done. The term absorbed means that a housing unit is no longer on the market (i.e. has been sold or rented). This usually happens when a binding contract is secured by a non-refundable deposit and has been signed by a qualified purchaser. The purpose of the Market Absorption Survey is to measure the rate at which units are sold or rented after they are completed, as well as collect prices. Canada Mortgage and Housing Corporation 26

27 DWELLNG TYPES: A Single-Detached dwelling (also referred to as Single ) is a building containing only one dwelling unit, which is completely separated on all sides from any other dwelling or structure. ncludes link homes, where two units may share a common basement wall but are separated above grade. Also includes cluster-single developments. A Semi-Detached (Double) dwelling (also referred to as Semi ) is one of two dwellings located side-by-side in a building, adjoining no other structure and separated by a common or party wall extending from ground to roof. A Row (Townhouse) dwelling is a one family dwelling unit in a row of three or more attached dwellings separated by a common or party wall extending from ground to roof. The term Apartment and other includes all dwellings other than those described above, including structures commonly known as stacked townhouses, duplexes, triplexes, double duplexes and row duplexes. ntended market: The intended market is the tenure in which the unit is being marketed. This includes the following categories: Freehold: A residence where the owner owns the dwelling and lot outright. Condominium (including Strata-Titled): An individual dwelling which is privately owned, but where the building and/or the land are collectively owned by all dwelling unit owners. A condominium is a form of ownership rather than a type of house. Rental: Dwelling constructed for rental purposes regardless of who finances the structure. Geographical terms: A census metropolitan area (CMA) or a census agglomeration (CA) is formed by one or more adjacent municipalities centred on a large urban area (known as the urban core). The census population count of the urban core is at least 10,000 to form a census agglomeration and at least 100,000 to form a census metropolitan area. To be included in the CMA or CA, other adjacent municipalities must have a high degree on integration with the central urban area, as measured by commuting flows derived from census place of work data. CMAs and CAs contain whole municipalities or Census Subdivisions. A Rural area, for the purposes of this publication, is a centre with a population less than 10,000. All data presented in this publication is based on Statistics Canada s 2006 Census area definitions, except the Economic ndicators data (Table 6) which is based on Statistics Canada s 2001 Census area definitions. Canada Mortgage and Housing Corporation 27

28 CMHC Home to Canadians Canada Mortgage and Housing Corporation (CMHC) has been Canada's national housing agency for more than 60 years. Together with other housing stakeholders, we help ensure that the Canadian housing system remains one of the best in the world. We are committed to helping Canadians access a wide choice of quality, environmentally sustainable and affordable homes homes that will continue to create vibrant and healthy communities and cities across the country. For more information, visit our website at You can also reach us by phone at or by fax at Outside Canada call or fax to Canada Mortgage and Housing Corporation supports the Government of Canada policy on access to information for people with disabilities. f you wish to obtain this publication in alternative formats, call The Market Analysis Centre s (MAC) electronic suite of national standardized products is available for free on CMHC s website. You can view, print, download or subscribe to future editions and get market information ed automatically to you the same day it is released. t s quick and convenient! Go to For more information on MAC and the wealth of housing market information available to you, visit us today at To subscribe to priced, printed editions of MAC publications, call Canada Mortgage and Housing Corporation. All rights reserved. CMHC grants reasonable rights of use of this publication s content solely for personal, corporate or public policy research, and educational purposes. This permission consists of the right to use the content for general reference purposes in written analyses and in the reporting of results, conclusions, and forecasts including the citation of limited amounts of supporting data extracted from this publication. Reasonable and limited rights of use are also permitted in commercial publications subject to the above criteria, and CMHC s right to request that such use be discontinued for any reason. Any use of the publication s content must include the source of the information, including statistical data, acknowledged as follows: Source: CMHC (or Adapted from CMHC, if appropriate), name of product, year and date of publication issue. Other than as outlined above, the content of the publication cannot be reproduced or transmitted to any person or, if acquired by an organization, to users outside the organization. Placing the publication, in whole or part, on a website accessible to the public or on any website accessible to persons not directly employed by the organization is not permitted. To use the content of any CMHC Market Analysis publication for any purpose other than the general reference purposes set out above or to request permission to reproduce large portions of, or entire CMHC Market Analysis publications, please contact: the Canadian Housing nformation Centre (CHC) at mailto:chic@cmhc.gc.ca; or For permission, please provide CHC with the following information: Publication s name, year and date of issue. Without limiting the generality of the foregoing, no portion of the content may be translated from English or French into any other language without the prior written permission of Canada Mortgage and Housing Corporation. The information, analyses and opinions contained in this publication are based on various sources believed to be reliable, but their accuracy cannot be guaranteed. The information, analyses and opinions shall not be taken as representations for which Canada Mortgage and Housing Corporation or any of its employees shall incur responsibility. Canada Mortgage and Housing Corporation 28

29 MAC_Backpage_april3_:Layout 1 4/6/09 3:05 PM Page 1 pí~ó çå qçé çñ íüé eçìëáåö j~êâéí Enhance your decision-making with the latest information on Canadian housing trends and opportunities. Free reports available on-line: CMHC s Market Analysis Centre e-reports provide a wealth of detailed local, provincial, regional and national market information. Forecasts and Analysis Future-oriented information about local, regional and national housing trends. Statistics and Data nformation on current housing market activities starts, rents, vacancy rates and much more. Canadian Housing Statistics Housing nformation Monthly Housing Market Outlook, Canada Housing Market Outlook, Highlight Reports - Canada and Regional Housing Market Outlook, Major Centres Housing Now, Canada Housing Now, Major Centres Housing Now, Regional Monthly Housing Statistics Northern Housing Outlook Report Preliminary Housing Start Data Renovation and Home Purchase Rental Market Highlight Reports Rental Market Reports, Major Centres Rental Market Statistics Free regional reports also available: B.C. Seniors Housing Market Survey Ontario Retirement Homes Report The Retirement Home Market Study, Quebec Centres Housing Market Tables: Selected South Central Ontario Centres Residential Construction Digest, Prairie Centres Analysis of the Resale Market, Quebec Centres Get the market intelligence you need today! 65579_2009_Q02 Click to view, download or subscribe. Client e-update A monthly e-newsletter that features the latest market insight, housing research and information to help housing finance professionals enhance client relationships and grow their business.